Is running your own travel business right for you?

We understand that owning and running your own travel business is a big step to take, so it’s vitally important that you make the right decision when choosing which franchise to buy into. Everyone’s situation is different, so only you can truly know what’s important to you in a business venture, and whether it’s the right time in your life – personally and financially – to commit to becoming a franchise owner.

With so many homeworking travel companies out there promising the world and enticing you in with incentives, it’s easy to get sucked in by the marketing. However, not taking the time to do some in-depth research could be a very costly mistake. Here are some things to consider when deciding which travel franchise is going to be best suited to you, your circumstances, and your ambitions.

Support

This should be one of the key things you look for in a travel franchise. Does the company offer the levels of support you’ll need for your business to be successful? This is particularly important if you’ve never worked in travel before. Remember, support is more than just a helpline or chatbot. Is there 360-degree wraparound support that will benefit your business, your wellbeing, and of course, your customers?

Also consider what happens out of hours if there’s an issue that needs resolving, or if you make a mistake (we’re all human after all). Is there any insurance on offer? When looking into the support package, be sure to find out whether any of it comes at an additional cost to you.

One of the best ways to get a feel for the extent of the support available is to contact other business owners within that franchise and ask for an honest opinion, or spend time at the company’s head office. This will help you to determine whether all the promises made are true.

Technology

When you’re running a business, you need technology and tools that will allow you to do your job brilliantly. Start with the booking system – do you have to use multiple different platforms to package up the perfect holiday for your customers, or is everything in one place? Do you have the freedom to build your own packages, or are you restricted in terms of what you can sell? Can you control your own margins? Can you work across multiple devices from anywhere in the world? How are the quotes created, and what does the content look like for customers?

Don’t just look at what the company offers now, but also enquire about how they’re investing in their technology and what developments they’ve got in the pipeline.

Training

Aside from the initial induction programme, look at what opportunities each franchise can offer you to upskill and develop your knowledge further. Are there business coaches? Do they offer supplier-led training and FAM trips? Are there specialist training programmes for specific markets? Can they help you with the softer skills needed to run a business? Is there an on-demand learning platform, or ways to share knowledge with other franchisees? Knowledge is power when it comes to running a business, so make sure the company is invested in your development.

How you’ll earn and grow your business

Make sure you look into how you’ll earn and grow your business, including whether there’ll be the requirement to ‘recruit’ team members through network marketing – i.e. approaching people on social media platforms and asking them to join your team. This model is often taken by some of the ‘travel clubs’ on the market that allow you to book travel part-time as an additional income stream or side-hustle. While this may seem like a good introductory option, it’s unlikely to lead to a sustainable, long-term business

Regulatory responsibilities

With GDPR, PSD2, PCI, and PTR to name a few of the regulations, what support and guidance is on offer to educate and protect you as a business owner? Does the company have an in-house legal department that can offer guidance?

Commission

Given commission is how you earn, you need to know how and when it’s paid. Some companies pay commission before the customer travels, and some after. Also find out whether commission varies based on booking type, if it’s capped, or whether there are targets you need to meet which might impact your earnings.

Supplier relationships

To be able to offer the best choice for your customers, you need to get full visibility of the suppliers you can use. Is there any product support for using suppliers who aren’t contracted? Can you sell low-cost airlines? Are you eligible to claim supplier incentives? The last thing you want is to join a franchise where your hands are tied in terms of what you can offer your customers.

Values

When you’re reaching out to members of each franchise community as part of your research, make sure their values and ambitions align with yours – as this will give you an idea if the company as a whole are going to be a good match for you. Do they have genuine business acumen and a growth mindset, or are they just doing it as a side hustle, hobby, or to save a bit of cash on their family holiday?

Marketing

Marketing is crucial to growing your business and reaching new customers, so if this is something you’ve never done before, going it alone can be daunting – especially if creative flair isn’t one of your strengths! Check whether you need to put together your own marketing assets and collateral, or whether there’s a centralised marketing team who can supply content for you. What would your web presence look like? Would you be provided with an optimised web page, or would you need to build one yourself?

Also, consider whether there’s a CRM system to help you market to your database and ensure that your customer workflow is as efficient as possible.

Financial protection

Financial protection gives you and your customer peace of mind, so do your due diligence and check which regulatory bodies the business is affiliated with, and how they protect customer monies. Dig a little deeper and find out whether the protection only applies to certain booking types. In addition to financial protection, check who pays any credit/debit card charges or transaction fees – remember, these cannot be passed onto the customer.

Communication

Home working can be isolating, so communication within the business must be on point. Do they just rely on weekly email updates, or do they work hard to create a genuine sense of community that allows you to make friends and build strong connections? Are there networking opportunities and events where you can meet fellow franchisees? Are there ways of interacting with each other virtually? Does the company go above and beyond to keep you updated? Not only is it vital to connect with other business owners, it’s also crucial to build relationships with individuals and teams at the head office.

In conclusion, starting your own travel franchise provides you with freedom, flexibility, friendships, and plenty of rewards – so long as you choose the right company that can provide the right support to help you unleash your potential. If you’re interested in finding out more about what Travel Counsellors has to offer, book onto one of our upcoming events or get in touch with us today. Call us on 0161 464 5243 or fill out this form.